Assignment Title: Using Xero Software for Business Accounting Instructions: 1. Choose a small business with which you are familiar or create a hypothetical business. 2. Set up a Xero account for the business and enter the following information: Business name, address, and contact information Chart of accounts: Create a chart of accounts that includes at least five accounts, such as cash, accounts receivable, accounts payable, inventory, and expenses. Create products and suppliers. Connect bank accounts: Connect at least one bank account to Xero. Create new accounts with codes. Create fixed assets and add the depreciation component. 3. Record financial transactions in Xero, including: Invoicing: Create at least five invoices for sales made by the business. Ensure that the invoices are recorded accurately and are linked to the appropriate accounts in the chart of accounts. Bills: Record at least five bills for expenses incurred by the business. Ensure that the bills are recorded accurately and are linked to the appropriate accounts in the chart of accounts. Bank transactions: Record at least three bank transactions, including deposits and withdrawals. Ensure that the transactions are recorded accurately and are linked to the appropriate accounts in the chart of accounts. 4. Reconcile the bank account in Xero. Ensure that all transactions in the bank account match the transactions recorded in Xero. 5. Generate financial reports in Xero, including: Profit and loss statement: Generate a profit and loss statement for the business for the current month and the previous month. Analyse the results and identify any trends or areas of concern. Balance sheet: Generate a balance sheet for the business as of the end of the current month. Analyse the results and identify any areas of concern. 6. Write a short report summarizing your experience using Xero for business accounting. Include any challenges you faced and how you overcame them, as well as any recommendations you have for others using Xero. Submission Guidelines: 1. Submit your report in a Word document or PDF format. 2. Include screenshots of the key features of Xero that you used in your report. 3. Submit your report and screenshots to your instructor via email or your school's learning management system.